Freddie Mac sells $2.5 billion bills at mixed rates

April 29 Freddie Mac, the No. 2 U.S.
home funding company, on Monday said it sold $2.5 billion of
reference bills at mixed rates and mixed demand compared with
the most recent sales of similar maturities and comparable
amounts.

Freddie Mac said it sold $500 million of one-month bills,
due May 28, 2013, at a 0.029 percent rate, down from the 0.069
percent rate for $500 million one-month bills sold March 25.

Freddie Mac sold $1 billion of three-month bills, due July
29, 2013, at a 0.065 percent rate, up from the 0.060 percent
rate for its sale of $1 billion three-month bills auctioned last
week.

The company sold $1 billion of six-month bills, due Oct. 28,
2013, at a 0.094 percent rate, down from the 0.125 percent rate
for its sale of $1 billion six-month bills on April 1.

Demand for the one-month bills was lower, with a
bid-to-cover ratio of 6.45, down from the 6.55 ratio for the
one-month bills sold March 25.

Demand for the three-month bills was lower, with a
bid-to-cover ratio of 5.05, down from the 6.12 ratio for the
three-month bills sold April 22.

Demand for the six-month bills was higher, at 4.95 compared
with 4.22 for the six-month bills sold on April 1.

A bid-to-cover ratio reflects the amount of bids compared
with the amount offered. A higher ratio indicates stronger
demand, while a lower ratio indicates weaker demand.

Settlement is April 30.

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